Internal Market, Industry, Entrepreneurship and SMEs

First trend report: ‘Un-locking the potential of business and societal innovation’

First trend report: ‘Un-locking the potential of business and societal innovation’
Published on: 07/08/2017
Business innovation observatory

Read the full First trend report (1 MB) or its Summary (457 kB). The main messages are:

  • Some of the main trends are ‘advanced manufacturing’, ‘public-private partnerships’, ‘big data’, ‘workplace innovation’, and the ‘sharing economy’. The companies driving these trends have developed innovative solutions that address several challenges. Including those of other companies and society at large. Broad adoption of their solutions could lead to socio-economic benefits. These companies should be embedded in an environment where they can showcase their solutions. This will increase the likelihood of their adoption. 
  • Innovative business models and practices should be scaled up more. This way, their socio-economic impact and competitiveness increases. The aim is to increase the number of trend driving companies and spread their solutions to other companies. New trend-specific framework conditions can aid in this process.
  • The new models and practices aren't one-size-fits-all. Companies should ensure adequate education for their staff in these areas. Financing in the form of loans can increase the chance of success when creating their solutions.
  • One of the main barriers to a wider up-take and scaling up of the innovations is the scepticism and the conservatism of potential customers.